US House Approves Stimulus Package
US House Approves Stimulus Package
The US House of Representatives overwhelmingly approved on Tuesday a 146-billion-dollar stimulus package aimed at boosting the ailing economy, as the Senate reportedly debated several amendments.

The package passed on a bipartisan 385-35 vote and was forwarded to the Senate with an appeal for lawmakers to pass it without making any significant changes that would delay the bill.

"If we heap too much on top of the package, it will then take us deeply into debt," House Speaker Nancy Pelosi, D-Calif., told The Washington Post. "Let's hope the Senate takes our lead from us."

The economic stimulus measure provides tax rebates of $600 for individuals, $1,200 for couples, plus $300 per child, the Post said. It would pump $146 billion into the economy in 2008 and $15 billion in 2009 in a bid to avert or lessen the severity of a recession.

Individuals making $75,000 in adjusted gross income, and couples with $150,000 in gross adjusted income would be eligible for the full rebate check.

The measure would give businesses $45 billion in tax incentives for new plants and equipment, the newspaper said.

President George Bush welcomed the decision and urged senators to pass the bill without further modifications.

“The temptation is going to be for the Senate to load it up. My concerns is that we need to get this bill out of the Senate and on my desk so the checks can get in the hands of our consumers, and our businesses can, you know, be assured of the incentives necessary to make investments,” Bush said.




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